CPI Aerostructures Reports Third Quarter and Nine Month 2023 Results
14 Novembro 2023 - 6:50PM
CPI Aerostructures, Inc. (“CPI Aero” or the “Company”) (NYSE
American: CVU) today announced financial results for the three and
nine month periods ended September 30, 2023.
“During the third quarter, we continued to
execute on our plan to strengthen our balance sheet and build
shareholder value. However, supply chain technical challenges
negatively impacted our throughput and gross profit during the
quarter. In addition, our year-over-year comparison was difficult
given that the prior year’s third quarter benefited from a
favorable mix. Nevertheless, our nine month revenue was up 6.3% and
gross profit up 4.4% over prior year,” said Dorith Hakim, President
and CEO.
“We continued to use cash flow from operations
and paid off our term loan in full, reducing total debt by $2.8
million over prior year. We remain confident in our long-term
outlook based on the corrective actions implemented in our supply
chain, the increase in our funded backlog and our total backlog of
$503 million as of September 30, 2023.”
About CPI Aero
CPI Aero is a U.S. manufacturer of structural
assemblies for fixed wing aircraft, helicopters and airborne
Intelligence Surveillance and Reconnaissance pod systems in both
the commercial aerospace and national security markets. Within the
global aerostructure supply chain, CPI Aero is either a Tier 1
supplier to aircraft OEMs or a Tier 2 subcontractor to major Tier 1
manufacturers. CPI also is a prime contractor to the U.S.
Department of Defense, primarily the Air Force. In conjunction with
its assembly operations, CPI Aero provides engineering, program
management, supply chain management, and MRO services.
Forward-looking StatementsThis
press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
All statements, other than statements of historical fact, included
or incorporated in this press release are forward-looking
statements. The word “outlook,” and similar expressions are
intended to identify these forward-looking statements. The Company
does not guarantee that it will actually achieve the plans,
intentions or expectations disclosed in its forward-looking
statements and you should not place undue reliance on the Company’s
forward-looking statements.
Forward-looking statements involve risks and
uncertainties, and actual results could vary materially from these
forward-looking statements. There are a number of important factors
that could cause the Company’s actual results to differ materially
from those indicated or implied by its forward-looking statements,
including those important factors set forth under the caption “Risk
Factors” in the Company’s Annual Report on Form 10-K for the period
ended December 31, 2022 filed with the Securities and Exchange
Commission. Although the Company may elect to do so at some point
in the future, the Company does not assume any obligation to update
any forward-looking statements and it disclaims any intention or
obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or
otherwise.
CPI Aero® is a registered trademark of CPI
Aerostructures, Inc. For more information, visit www.cpiaero.com,
and follow us on Twitter @CPIAERO.
Contacts: |
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Investor Relations CounselLHA Investor RelationsJody Burfening(212)
838-3777cpiaero@lhai.com |
|
CPI Aerostructures, Inc.Andrew L. DavisChief Financial Officer(631)
586-5200adavis@cpiaero.comwww.cpiaero.com |
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CPI AEROSTRUCTURES, INC. AND
SUBSIDIARIES CONSOLIDATED
BALANCE SHEETS
|
September 30,2023
(Unaudited) |
|
|
December 31,2022 |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
Cash |
$ |
2,609,693 |
|
|
$ |
3,847,225 |
|
Accounts receivable, net |
|
9,124,187 |
|
|
|
4,857,772 |
|
Insurance recovery receivable |
|
— |
|
|
|
3,600,000 |
|
Contract assets |
|
31,030,568 |
|
|
|
27,384,540 |
|
Inventory |
|
1,650,873 |
|
|
|
2,493,069 |
|
Refundable income taxes |
|
40,000 |
|
|
|
40,000 |
|
Prepaid expenses and other current assets |
|
670,304 |
|
|
|
975,830 |
|
Total Current
Assets |
|
45,125,625 |
|
|
|
43,198,436 |
|
|
|
|
|
|
|
|
|
Operating lease right-of-use
assets |
|
5,196,418 |
|
|
|
6,526,627 |
|
Property and equipment,
net |
|
866,536 |
|
|
|
1,124,556 |
|
Deferred tax asset |
|
6,074,243 |
|
|
|
6,574,463 |
|
Goodwill |
|
1,784,254 |
|
|
|
1,784,254 |
|
Other assets |
|
212,054 |
|
|
|
238,744 |
|
Total
Assets |
$ |
59,259,130 |
|
|
$ |
59,447,080 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
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Current Liabilities: |
|
|
|
|
|
|
|
Accounts payable |
$ |
13,058,857 |
|
|
$ |
8,029,996 |
|
Accrued expenses |
|
5,409,080 |
|
|
|
7,344,590 |
|
Litigation settlement obligation |
|
— |
|
|
|
3,600,000 |
|
Contract liabilities |
|
6,669,341 |
|
|
|
6,001,726 |
|
Loss reserve |
|
371,633 |
|
|
|
576,549 |
|
Current portion of line of credit |
|
2,400,000 |
|
|
|
1,200,000 |
|
Current portion of long-term debt |
|
66,311 |
|
|
|
1,719,766 |
|
Operating lease liabilities, current |
|
1,961,070 |
|
|
|
1,817,811 |
|
Income tax payable |
|
16,874 |
|
|
|
11,396 |
|
Total Current
Liabilities |
|
29,953,166 |
|
|
|
30,301,834 |
|
|
|
|
|
|
|
|
|
Line of credit, net of current
portion |
|
18,360,000 |
|
|
|
19,800,000 |
|
Long-term operating lease
liabilities |
|
3,613,270 |
|
|
|
5,077,235 |
|
Long-term debt, net of current
portion |
|
34,064 |
|
|
|
70,981 |
|
Total
Liabilities |
|
51,960,500 |
|
|
|
55,250,050 |
|
|
|
|
|
|
|
|
|
Shareholders’ Equity: |
|
|
|
|
|
|
|
Common stock - $.001 par value; authorized 50,000,000 shares,
12,760,331 and 12,506,795 shares, respectively, issued and
outstanding |
|
12,761 |
|
|
|
12,507 |
|
Additional paid-in capital |
|
73,849,050 |
|
|
|
73,189,449 |
|
Accumulated deficit |
|
(66,563,181 |
) |
|
|
(69,004,926 |
) |
Total Shareholders’
Equity |
|
7,298,630 |
|
|
|
4,197,030 |
|
Total Liabilities and
Shareholders’ Equity |
$ |
59,259,130 |
|
|
$ |
59,447,080 |
|
|
|
|
|
|
|
|
|
CPI AEROSTRUCTURES, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF
OPERATIONS
|
For the Three Months EndedSeptember
30, |
|
For the Nine Months EndedSeptember
30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Revenue |
$ |
20,399,369 |
|
|
$ |
20,196,913 |
|
|
$ |
62,963,592 |
|
|
$ |
59,257,416 |
|
Cost of sales |
|
16,693,279 |
|
|
|
14,869,100 |
|
|
|
49,990,986 |
|
|
|
46,835,304 |
|
Gross profit |
|
3,706,090 |
|
|
|
5,327,813 |
|
|
|
12,972,606 |
|
|
|
12,422,112 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
|
2,535,065 |
|
|
|
2,744,265 |
|
|
|
8,210,603 |
|
|
|
8,579,314 |
|
Income from operations |
|
1,171,025 |
|
|
|
2,583,548 |
|
|
|
4,762,003 |
|
|
|
3,842,798 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
(663,857 |
) |
|
|
(721,046 |
) |
|
|
(1,816,408 |
) |
|
|
(1,488,091 |
) |
Income before provision for
income taxes |
|
507,168 |
|
|
|
1,862,502 |
|
|
|
2,945,595 |
|
|
|
2,354,707 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes |
|
205,804 |
|
|
|
3,750 |
|
|
|
503,850 |
|
|
|
11,250 |
|
Net income |
$ |
301,364 |
|
|
$ |
1,858,752 |
|
|
$ |
2,441,745 |
|
|
$ |
2,343,457 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per common share,
basic: |
|
|
|
|
|
|
|
|
|
|
|
Income per common
share-unrestricted shares |
$ |
0.02 |
|
|
$ |
0.15 |
|
|
$ |
0.19 |
|
|
$ |
0.19 |
|
Income per common
share-restricted shares |
$ |
0.02 |
|
|
$ |
0.15 |
|
|
$ |
0.19 |
|
|
$ |
0.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per common share,
diluted |
$ |
0.02 |
|
|
$ |
0.15 |
|
|
$ |
0.19 |
|
|
$ |
0.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing
income per common share, basic: |
|
|
|
|
|
|
|
|
|
|
|
Unrestricted shares |
|
12,431,727 |
|
|
|
12,208,340 |
|
|
|
12,418,693 |
|
|
|
12,274,246 |
|
Restricted shares |
|
328,244 |
|
|
|
93,412 |
|
|
|
195,206 |
|
|
|
88,714 |
|
Total shares |
|
12,759,971 |
|
|
|
12,301,752 |
|
|
|
12,613,899 |
|
|
|
12,362,960 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing
income per common share, diluted |
|
12,793,133 |
|
|
|
12,349,283 |
|
|
|
12,647,061 |
|
|
|
12,410,491 |
|
|
|
|
|
|
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